Ocean Protocol Code Review

Review Date: 30/01/2023

Ocean Protocol is a promising open-source protocol that provides a platform for exchanging and monetizing data and data-based services. The protocol is designed to allow businesses and individuals to share data, including images, location information, audio, video, and sales data, using Data NFTs (ERC721) and datatokens (ERC20).

One of the unique features of Ocean Protocol is its use of blockchain and DeFi tools to connect data assets with potential buyers, similar to fractional NFTs. The data itself is not stored on-chain, but access control is maintained using ERC721 tokens that represent the unique asset (dataset), and ERC20 tokens that allow access to data services.

Ocean’s “Compute-to-Data” feature is another innovative offering, which enables private data to be bought and sold. This feature allows users to sell compute access to privately-held data, without the data ever leaving the owner’s premises.

Ocean Protocol provides a default marketplace, Ocean Market, where users can publish, buy/sell, and download datasets. Additionally, users can participate in governance and buy and sell data using the OCEAN token.

Notes to Take:

• Ocean Protocol provides access control for datasets.
• Datasets can be uploaded on traditional or decentralized services.
• It is unclear whether traditional architecture would be a better alternative to the Ocean’s approach.
• Libraries for deploying and interacting with data NFTs and datatokens are available in Python and Javascript.
• White-labeling solutions are available for building customized markets by forking the Ocean Market.
• Ocean Protocol is deployed on several networks, including eth mainnet, bsc, moonriver, polygon, mumbai, energyweb, goerli, polygonedge, and gaiaxtestnet.